Section 53-12-42 - Requirements for creation, storage, and assignment of transferable record--Authoritative copy.
53-12-42. Requirements for creation, storage, and assignment of transferable record--Authoritative copy. A system satisfies § 53-12-41, and a person is deemed to have control of a transferable record, if the transferable record is created, stored, and assigned in such a manner that:
(1) A single authoritative copy of the transferable record exists that is unique, identifiable, and, except as otherwise provided in subdivisions (4), (5), and (6) of this section, unalterable;
(2) The authoritative copy identifies the person asserting control as:
(a) The person to which the transferable record was issued; or
(b) If the authoritative copy indicates that the transferable record has been transferred, the person to which the transferable record was most recently transferred;
(3) The authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;
(4) Copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the consent of the person asserting control;
(5) Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and
(6) Any revision of the authoritative copy is readily identifiable as authorized or unauthorized.
Source: SL 2000, ch 225, § 42.